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-span would have more programs dealing with all of the options that could lessen the burden on the government and the taxpayer for the medical costs. i believe that in medicare buy- in -- i have 10 years left to go until medicare. i pay $620 a month for my health care. that is a lot of money. i would give that to the government and would usn't use t $100 or $200 a year. host: that is an important issue. we will focus more as the affordable care act t kicks in. for the suggestion -- thank you for the suggestion. the deficit is close to $16.4 trillion. this is part of the debate we will see at the start of the new congress. the so-called fiscal cliff was coined by ben bernanke. the story from "roll call." "it could be reached over this weekend." were heard from the house rules committee chairman yesterday. they are taking steps in advance to extend these tax cuts. a deal could be on the floor today if there is an agreement. from "the washington times" this morning. "offers fly, but still no agreement" is the headline. mitch mcconnell bypassed senator reid to speak directly to the vice president
at this moment is not in effect. the french government and francois hollande says, it won't make any difference. we'll rewrite the law using new wording and we'll catch more people in the 75% tax rate net. heather: stuart varney, i know you have a lot of work to do today. it is a busy day financially. thank you. >> thank you. gregg: what will it mean if lawmakers fail to strike a deal? according to the tax policy center 90% of the americans would see a tax hike in 2013. 121 million people will be paying a whole lot more in payroll taxs. those are social security payroll taxs. families making between 40 and $65,000 a year will have to pay an extra two grand to the u.s. government. the more you make, boy, that number really accelerates. heather? heather: another devastating blow in the fiscal cliff crisis, this mess, will be to the military. $500 billion slashed from the pentagon budget that is raising serious concerns about our national security. chairman of the house armed services committee, california congressman, bruce mckeown will weigh in on the impact these cuts will v that is live in our
] to listen to your -- [inaudible] and translate your views to the hard work of government. your meeting today will be young people ato -- the opportunity to debate issues that -- [inaudible] it's a big thing. i wish you the latest -- [inaudible] i look forward to hearing your debates. thank you. [applause] >> thank you for reading that. that is a delight to have the prime minister's support. i now call to say some words to us, the leader of the house of commons. mr. andrew. [applause] >> thank you, mr. speaker. [applause] thank you, mr. speaker. members of the you'll parking lotment, i'm debated to -- that righted to welcome you for the fourth annual sitting. the sitting have become an accomplished part of the parking parliament calendar. -- they have become so well established. and leader of the house, i am the representative of the government to this house of commons. and of the house of commons to the government. but today i am pleased to be able to be here to representative both the government and the house with you the youth parliament. i know, what is said here today will be heard both
can move forward? >> well, first of all, we have to be able to govern. we have to have an adult conversation, getting people in the room who actually want to solve this problem. and i think it's very important to step back and see the fact that we have already -- there are three parts of this deficit reduction stool. we've already in the past two years passed $1.6 trillion in spending cuts. we've passed over $700 billion in savings in medicare through reforms like cutting back on overpayments to insurance companies. the one piece of this puzzle that we've not been able to get any support for is making sure that the wealthiest among us help solve this problem by being willing to pay a little bit more to be part of the solution. so we have sent a bill to the house back in july, bipartisan bill that says what -- everybody says they don't want middle-class families to have their taxes go up, well, fine. why don't we start with something we can agree on, which is that? and just pass that. why doesn't the house just pass that? but as we know, the speaker couldn't even pass his own pla
't he accepting it ne fuel? >> it would cause drawing up laws to govern what the pressure should do. this really was a question of the heart of all of this. how could you make sure that everybody was involvinged incluesing publishers that aren't to do so without the piece of legislation that would amount enemies of the system sucting to licensing. the law had to change. talks use similar language that would simply recognize an independent regulator in raw. this debate went for months and months and months. they were joined. it would billion far more something more owneress. that's what david cameron was addressing in some of of his concerns. how did it feel? >> we saw something rather by zard there. we heard from the two men, the prime minister and the deputy frimse. there were -- separation. one of those two men thinks new law is skential and the other not is not. >> in the backgrounds for a moment, you've got the last few months. will continue to cross party talks. but simultaneously you also god the crime city. try now that new regulator could be brought in into this new law if i
this is coming up. the government will continue to function for a couple more months. emergency measures will be used to keep the money flowing, so to speak. this is unrelated to the fiscal cliff, so it's an additional problem that everybody has to deal with. of course the worst thing is we know how horrible it was the last time the debt ceiling needed to be raised in the summer of 2011, it went down to the wire and it looked as if there was a chance the united states would not raise the borrowing limit and default. we heard talk about social security payments not going out and that kind of thing. that's all led to the first downgrade in the u.s. credit rating, the stock market tanked. that was a ugly scenario. on top of the fiscal cliff, we may go through this all over again. it's another drag on the markets and on the whole economy at exactly the wrong time. >> when you say drag, though, give us an example of what you mean. we talked about january 2nd, everybody goes back to work and markets open. are we going to see a lot of volatility. all of a sudden it crashes down at once. what ha
shrinking the government, making the government do less are actually good things. >> right, i don't think there's any question about that. we know there's an element of the republican party, ron paul, rand paul being the most visible, who think the less government does, the better. now, in that vain, i've been struck. david wasserman at the "cook political report" crunched the numbers on this, that there are 234 house republicans. 15 of them, 15 represent districts that president obama carried in 2012. given that, and we were talking with kelly about the fact that this has to come through the house at some point, that republicans still control. is there any reason for, politically speaking -- >> absolutely, right. >> -- not good of the country speaking, but politically speaking, is there any reason for these guys to make a deal given that for 215 of them, the constituency they represent are mitt romney's? >> i think this is the problem. where most people follow a presidential election and don't realize what happens in each of the districts. what republicans have done a very good job of in
our government is trying to do with the bickering and tearing each other down, tearing the country down. why in the world can these supposedly intelligent groups of men and women not get together to work out for the best interest of all concerned, all 330 billion americans, what is the best course to take? just take it. none of this squabbling. get together, folks. let's have some harmony in warrington. that is what we need. we need more on selfishness. a lot less ulterior motives. no more 2000 page bills that no one can understand. we do not need more of that crap in washington. we need some representation. get your act together. >> we are going next to minneapolis, minnesota. john, welcome. >> all of this gridlock going on right now, what is clearly evident to me is that the republican party has pure interests in mind. they're willing to touch medicare and social security, but not their own salaries, no steps against their own party to take the needs of the american people. how can you act together with a party that works purely for their own interests. my question is -- what can
, to pay for more government spending that doesn't help us with the deficit. and you hear members of congress, your republican colleagues who say, in my district, they don't want more spending. and that's how they see this money being spent. >> two things i would say. first of all, that is not the democratic position. no one that i know of is arguing that all of the increased revenue should go for increased spending nap simply isn't the case. by the way not having the sequester doesn't mean increased spending. it mean not having spending cuts. i voted against the idea of a sequester. i think it's not right way to do it. what the republicans want to do is spend more on defense. let me deal with this notion that republicans for cutting spending. you heard mitt romney criticize president obama because he's not spending enough on ships, which we don't need, and not staying long enough in the war zones. the republicans' view of spending is very particular one. secondly, as far as the american people are concerned, people in their districts, gee, if they represent districts in new jerse
coming in to the federal government and regresive in many ways and what it does is funds social security. so should we have even been tinkering with that in the first place? >> one tax cut that, you know, the democrats lobbying for and the republicans did not want because it's technically a stimulative effort. don't forget when it was enacted we were in the middle of a crisis. i think, you know, all sides would probably agree it helped and worked but it's probably time to go away so that's sort of, you know, it is the most immediate thing and i think that was inevitable anyway. the far greater concern is the bush tax cuts and what happens to them. >> you talk about the middle class shouldn't feel the pain here and everybody agrees with that but the working class, absolutely shouldn't have to pay for this and feel the pain but taking, getting rid of unemployment ben filths, talk about the price of milk going up and other things like that, that will have a huge impact on the working class, people that don't have savings dealing with losing $3,400 and can't deal with that at all and that's
questions. the pentagon and all the other government agencies told their employees that they're not going to do anything with the sequester in january, because they're assuming congress will get its act together in january, february or so. so the idea that the markets are going to panic over this, you know, i think is a red herring. who knows? maybe they tank tomorrow. maybe they go through the roof. but i don't see that happening. though if it did that would drive things a little bit. >> do you have any sense they're feeling pressure from constituents at all? i would describe this as people are profoundly unhappy. >> that's a great point. congress' approval ratings are abysmal. but the pressure from the right for conservatives to cut a good deal, all this discussion about chained cpi is confusion. basically it means that republicans want to include entitlement reform as part of a deal. but why did they take that off the table? because when the debt ceiling comes next year, they can have a bigger fight about entitlement reform. so the big story today is that republicans are starting to re
this is a broader issue about western democracy. unless the markets do put governments under pressure, it's not easy to come up with such tough positions and i suspect that is going to be the case. it will be a recurring theme through the year, i suspect. >> and that's what i was going to suggest, this idea that we're going to come up with cliff after cliff after cliff, that maybe we're into a whole year of cliff diving, your expectation, let's say we get through the cliff with a baby deal. we've had still a number of economists come on this set and talk about how we could still be -- maybe not in a recession, but continue to see a slowdown. >> well, the other way i've been trying to think about the past 24 hours, you look at the private sector, there are two sources of great encouragement for the u.s. economy, it seems to me. one is the domestic housing story. and the second is, of course, the remarkable thing going on with energy based around shale, gas and oil. if these two sources of strength persist, you know, is the disappointment about the cliff enough to negate those two things? i suspect th
to be gathering some steam but washington, government, congress in particular is the single greatest impediment. it's a rational decision. >> get the act together. john avlon, thank you, my friend. don, it's a lot of intangibles here, don. this is the thing we have to think about. it's not just the tangibles of how much your taxes might go up or how much this might go down. it's the intangible of confidence. it's trust. you lose somebody's trust, how long does it take to get it back. it doesn't just come back tomorrow because you vote on something. >> i can't believe mitch mcconnell was there all day yesterday. >> it's crazy. >> he's working on a saturday. i never work on a saturday. wait a minute, i work every saturday. >> you get your job done. you don't get to tell your bosses, i'm going to do this another time. i'll get down to it in 516 days. >> but one day, one day i will be able to do that, at least i'd like to think that. >>> moving on, at the edge of the fiscal cliff, will the economy get sucked back into a recession or is a compromise possible? words of wisdom from a wall street journ
down the deficit? if you are going to use it for more government spending we don't want a part of it. senator mcconnell on the republican side seemed to get frustrated because he felt like the democrats were slow walking the th, 18 hours without a response. mcconnell made a call to a well known senator, joe biden to see if he could help. >> we're willing to work with whoever can help. no single issue remains an impossible sticking point. a sticking point appears to be a willingness and interest or frankly the courage to close the deal. >> reporter: as senate aide says it was designed to try to jumpstart the talks and consequences of getting a tax increase is a huge concern. >> gregg: what went awry in these talks? >> you heard senator thune. a fiscal cliff deal is a new way calculating inflation that would lower social security payments. democrats say they would do it as part of much bigger deal but it was off the table for the smaller deal they are working on. so democrats called it a poison pill. >> at some point, negotiating process, it appears there are things that stopped us fro
rates are way below normal, so when they spike, which they inevitably will, and the government is borrowing very short term to keep its costs down, the deficit is going to swamp the economy. and at that point you're going to have the debt crisis, and you're going to need a whole new stream of revenues. the only thing that paul krugman and paul ryan agree on, in a crisis situation, only a value-added tax will solve this problem. by raising marginal tax rates to get us out of this potential crisis. so we need very, very steep spending cuts, all of the emphasis and debate has been over marginal tax rates which are really a minor part of the solution, no matter what political strife you happen to be. you have to realize that tremendous spending cuts are necessary and already the -- any changes to social security have been ruled out in a short-term solution and it's going to be very difficult, congressman from oklahoma was correct, it's going to be hand-to-hand combat in the next session to get any cuts. no one is talking about major cuts except some on the republican side. >> i hea
-- it will not be any more government bonds because we will be out of the debt situation. we saw it on the horizon. when george w. bush became president, he decided to go back on rates across the board to the wealthiest to the middle to the poor and he put to ban all wars on a credit card and we are where we are -- to banwo isa credit card and here we are. we are coming out of the worst recession since the great depression. it has been difficult -- led by unfortunately some unscrupulous people on wall street who created a nightmare in the housing market. i remember saying to treasury secretary paulson, can you please explain the role of derivative ofs to me and what happened and how we got into this crisis? he put his head in his hands and he said, not now, i will talk to you later. that is not a very encouraging thing when the secretary of the treasury puts his head in his hands and says, i cannot explain it now. we are coming out of this difficult time and, guess what, we are doing much better. we had an election. it was pretty clear people want to see us reach a balance here. so, as i stand here, i k
the nation's problems, to do what we sent you to washington to do, which is to govern, and here we are with a countdown clock at the bottom, ten hours, 51 minutes, and 34 seconds to get something done that should have gotten done, could have gotten done months ago. a lot of people are scratching their heads wishing, hoping that, you know, at some point congress will get et cetera act together. we do have a new congress coming back in. we keep talking about the so-called fiscal cliff. there are consequences for inaction if that countdown clock gets to zero and there's no deal and no deal has been reached. >> jonathan, thank you. to your point, it's remarkable to me that what we're debating is exactly what we were debating six months ago. it's not as though something has happened recently. this is the debate we've been having or the debate we haven't been having making it all the more remarkable that we have a countdown clock for it. thank you. >> that's right. >> a deal on the fiscal cliff may be at hand, but there's still a lot to do, and not a lot of time to do it. delaware democr
.s. government is going over the fiscal cliff, even as senate republicans and the white house reported progress had been made, but house republicans say they will not vote on anything tonight. good evening. i'm judy woodruff. >> suarez: and i'm ray suarez. on the newshour tonight, we have the latest on today's developments, including an update from todd zwillich of public radio international who's been tracking the story on the hill. >> woodruff: then, as secretary of state hillary clinton is hospitalized with a blood clot, we examine their causes and possible treatments. >> suarez: margaret warner talks to jonathan martin and glenn thrush of politico. their new e-book focuses on the crucial final month of the presidential race between barack obama and mitt romney. test. >> barack obama didn't perform that well until late and romney didn't perform the campaign well. campaign management is more important than an individual candidate's performance. >> woodruff: from boston, hari sreenivasan reports on a city- wide effort to keep kids engaged in education through meaningful work experiences. >> we
by a full vote in congress before it can take effect. had a deal not been reached by tonight the government would have been forced to buy milk at inflated prices, raising the doss of milk and other dairy products for consumers could have been 8 bucks a gallon, believe it or not. heather: secretary of state hillary clinton is now hospitalized after doctors discovered a blood clot during a recent follow-up exam stemming from a concussion earlier this month. david lee miller is joining us live from our new york city newsroom with the very latest on her condition. >> reporter: officials have not released specific details about secretary clinton's glad clot. medical experts say the severe a steve the problem depends on the location of the clot. most risky are the rain. she is being treated by anti-could he ago ooh atlantas and will remain at new york's presbyterian hospital until tuesday to monitor her medication. this is not the first time that mrs. clinton had been treated for a blood clot she had one in the back of her right leg in 1988, she described it as the most serious medical condition
at a prompt manslaughter university that government is broken and we just should throw it out. given the deadlock in washington does he have a point? we'll see what history has to tell us and debate fair & balanced. rick: a fox news alert. we are 15 minutes away from hearing from president obama who is scheduled to speak on the on going negotiation toss try to avoid going over the so-called fiscal cliff. we got word the president is going to talk. we have been getting word over the last couple of phepbts about the framework for a possible deal that has been reached. this is a tentative deal. but it does not at this point involve any spending cuts. it puts off the sequestration, the mandatory cuts that were set to take place if no deal was reached by january 1st. it also includes tax increases, tax rate increases on some upper income brackets. again these are all tentative reports about a possible deal. the president set to speak at about 1:30pm eastern time and we'll carry it for you live right here. arthel: new controversy surrounding the bankruptcy filing by the city of stockton, c
agricultural law goes back into place, 1949 law, which basically means the federal government will go back in the business of strongly supporting the dairy industry by raising the price support, if you will, or support for dairy products to $38 a hundred weight. that's almost double what the price of milk is today. >> that price could even be $7 or more for a gallon of milk. the current national average is about $3.65. chris galen, he is the vice president of communications for the national milk producers federation. he says a price hike is also going to hurt the dairy farmers. he's joining us on the phone to tell us why. chris, good to have you here. first of all, explain to us how is it that the farmers themselves could be hurt as well if you don't have this farm bill extended. >> what we're asking congress to do, suzanne, is actually pass a new farm bill, as you mentioned, because that's going to provide dairy farmers a better safety net than what they've had in the past few years. 2012 was a really rough year for dairy farmers. they're really hurting now. we don't want to go back to th
billion for the economy. that would help the federal government in terms of dealing with the deficit, but nonetheless, it still won't be enough, but it will be a start in that direction. that's the current cutoff, but we don't have that deal yet. absent that deal and as long as the clock keeps ticking, all of this is on the table for all of us. one more thing i should mention, bear in mind this past year, all of us have enjoyed a payroll tax vacation. payroll taxes were reduced across the country to help people deal with this bad economy right now. that's ending. there's no sign that's not going to end. everyone is going to pay a little more anyway. what we're worried about is this extra level on top. that is what many volters are paying attention to and that is the real bear in the woods that has democrats and republicans both worried about these negotiations. >> the clock, as you point out, is ticking, ticking, ticking right now. tom, thank you. >>> what's at stake for the millions of americans already out of a job once the country goes over the fiscal cliff? that and much more whe
rules so that your paycheck doesn't actually change. on the spending cut side, on the government sequester side, that is not solved, not clear that it will be. they may have to come back at that one. >> woodruff: so todd, at this point what you are watching as a reporter who has been covering this? the action is where? >> the action is in the senate democratic caucus. you're watching for a briefing that democrats want from the white house on the outlines of this deal. they want to lear from joe biden or one of his representatives. how did you arrive at this deal and what does it mean for us. you're watching for senators idea logical senators on both sides of this deal, liberals up set that the income threshold at 450, conservatives up set that there are no spending cuts in this deal t is all revenue. will somebody slow it down and block it. you have to watch it on the stat side because that pushes the senate over the cliff too. on the house side, once they're aware of what this deal is, how many votes can john boehner get on the republican side until you get to 218 through any co
the euro. new leadership, pay cuts, higher taxes as their weary government begs for more cash. committing to save the euro. it lives on, but for how long? >> the deadliest month to date as the assad regime intensified its air power. >> how much longer can this man hold on to power? bashar al assad was under even more intense pressure to step down but his regime stepped up the fire power against the opposition, civilians caught in the crossfire, more than 40,000 people have died so far. >> reporter: this is yet another bread line. >> the opposition fights on, making more dramatic gains than ever and gaining pledges of support from the international community. number one, she fought back from the brink of death after being attacked on a school bus. the taliban shot malala yousafzai. she survived, wake up in a british hospital and, according to her father, immediately asked for her school books. the world was gripped, moved and inspired by the story of one determined young girl facing down an entire network of armed militants and winning. zain verjee, cnn, london. >>> next, the stories that
that sometimes he governs like a visitor from a morally superior civilization. he comes in here and he will talk with boehner. he won't talk with the other republicans. he hasn't built the trust. >> so has the president and the democrats, do you think they have done enough to build trust on the other side? >> i think so. i have been here 30 years now. this republican conference in the house is more hard edged, more hard to bid than has been true almost all the time i have been here. there has been in a sense a radicalization in the republican conference here in the house and it makes it very difficult to negotiate. the president has been talking with the speaker. he made an offer. it was essentially rejected by the speaker. he then comes up with another alternative. it is turned down by the conference that he is supposed to lead. i think all of that has made this a more difficult proposition. i think the president, he has offered cuts in spending essentially it has been very difficult to deal with this republican majority now in the house. and what i am hopeful of in this very, very critical las
this is insanity and the threat to the economy is not a reasonable way to govern. >> mike, how -- again, not to oversimplify this thing, but how did we get here? i think most folks following this fairly closely assumed that as is the case with a lot of things in washington, d.c. that at the 11th hour withere will ba deal that gets done. there are a lot of folks involved in the deal making saying, it won't happen this time. >> well, look. i think ari is right in one real respect which is they set this up, you know, more than a year ago as a way of trying to provide counter pressure to the political pressures that exist across the board on all of these lawmakers and these individual districts. they thought that the pressure, the scare tactic that they put on themselves of deep defense cuts on the one side and deep cuts to domestic programs on the other side forces everybody to the table. it clearly turned out that in the wake of the election we had, the pressures in their districts, the threat of being primaried especially on the republican side meant that folks aren't willing to move as
enough revenue to cover government for agent eight days, seven or eight days and what do you do with the other 350-plus days leftover? you cannot continue to run trillion dollar deficits every year, because we are already at $16 trillion in debt. what we have is a debt crisis and quite frankly, i think that to our children, to our grandchildren, it is absolutely immoral that all of this would be kicked down the road, kicking that can down the road, and then heaped over on their heads. >> well, it is a little bit immoral that it is happening today and forget the grandchildren, but how about us? >> well, i agree with you, and well, that is why you have got inaction that you are looking at. hr-8, ali, that was a bill filed in january 2011 by the speaker. the senate knew it was coming to them, and the house knew it was coming to the floor, and they worked the bill and they got bipartisan support and that would have extended tax reductions for everybody. >> right. and it had bipartisan support, so that the thing is that it is inaction, and quite frankly, i hope that my colleagues in
instead of negotiating. it's gamesmanship. it's not cooperative governing but competitive dealmaking where each is merely trying to crush the other as daniel day-lewis' ruthless oil man did in "there will be blood." >> my sword reaches across the room and starts to drink your milkshake. i drink your milkshake. i drink it up! >> who will drink the other's milkshake? will they learn how to talk to each other? will they drive off the cliff? oh, there's a cheap hollywood feel to this bhol narrative, this self-inflicted drama, and i hope no one ever, ever makes a movie about it. that does it for "the cycle." jonathan capehart is in the chair today? i feel like he's cheating on us. weren't you part of "the cycle", brother? >> i was, but it's a new day now. thanks guys. i'm jonathan capehart in for martin bashir on this december 31st, 2012. we're so very close to a deal that would stop all hell from breaking loose. oh, and happy new year. >> today it appears that an agreement to prevent this new year's tax hike is within sight. >> we're going cliffing. >> still no deal in sight. >> they just shov
the government down if you remember in 2011. they didn't care. the president compromised. we finally came up with a deal. when we came to the debt ceiling. and beginning to pay our bills. and continuing to pay our bills. they didn't really care. i think that's what they were set out to do. to close the government. we are in a season where we need to act. >> you, congressman -- >> on something concrete. >> i didn't mean to interrupt you there but it sounds like you think it's a deliberate attempt to take the economy, the government. >> yeah. 55. the tea party members. not john boehner. john boehner's allowed himself to be captured by the fellows. he is above and beyond that. i think he's basically trying to do the right thing but he can't get a vote out of his own party for his own legislation. who does he turn to? the president of the united states? more worried about getting a proposition from the president to turn down then what proposition is he talking about? i think the president has been more than willing to compromise and the democrats in the house of representatives. we need 30 votes
the warrant list law for five more years. it allows the government to monitor over seas phone call emaims without a court order. doesn't apply to americans and they will not say if americans were pied on . how dulike to look out the plane's window and see this. thisa is it a piece of the engine missing. it fell off after leaving. terrified passengers were told that the was turning around but couldn't land right away. >> we found out we are too heav tow land because they filled the gas tarching and they need to burn off fuel in order to land safely. >> julia: i would not be on a plane again. it circled the plane for half an hour before coming in for landing . no one was hurt. >> clayton: one time i was on a united express flight when i was a reporter. they de-iced the plane and machine looked out of the window and the engine and wing was on fire. >> dave: that is it a single engine plane. >> clayton: the pilot said you may have noticed the wing on fire. we are burning off excess fuel. what snathat is it not normal. >> dave: talking about nfl post season. set up the match ups. rg3, playoff
cliff, so note to the government. it does matter. >> yeah, but that's, as you say, part of it. laura, what else is going on? it just felt like we were going into a lackluster season here. what happened? >> i mean, there's been some discussion about weather trends as well, but whether or not we go over the fiscal cliff, consumers think next year we'll see higher taxes and lower entitlements. the only place in our space where we see a very significant fiscal cliff hit is aspirational customer, so the step-up customer into low-end tiffany's jewelry, for example, we just don't think they showed up this year. >> even if people, stacy, are going to be hit by higher taxes next year, at least some people are going to be hit by higher taxes next year, a lot of this is psychological, isn't it. you turn on the tv and you're feeling spooked, right? and once we have a deal or resolution, uncertainty taken away, will people unleash their spending? will this be unlocked? >> i think at the high end, yes, there will be some relief, and, you know, to laura's point, we were in tiffany over the weekend,
of the bush tax rates and they go back to the clinton rates. the government would be bringing in more revenue, but that's going to take some time. that's not going to happen immediately and it's a relatively small amount in terms of what the government is spending every single day. that money would be spent pretty quickly. so, again, because we're now at this point where this is just a short-term deal, any of the major entitlement reforms that would actually bring major spending cuts are sngsly off the table right now. so, to answer your question directly without pointing a finger at either party, report the facts, there's no major spending cuts here, so it would not have a major impact on the deficit even if they get a quote, unquote deal. >> ed, your last question, your favorite show to do on fox news. >> i'm going to get in trouble. i love "the five" i love bret and i love shep and chris wallace-- >> and public relations-- >> let's go to mike emanuel also in d.c. and following the dramatic on capitol hill. surely this is your favorite show on fox, your debut on "the five", mike emanuel. >>
a year with this increase for senior executives in government. so, literally, think about this. they're talking about the fiscal cliff, they're talking about raising taxes and cutting spending. the only thing that's been accomplished thus far is to raise spending by about a billion dollars a year. >> dave: i think in particular rubs americans the wrong way when they see this, members of congress average salary, 174,000. average american, $48,000. that's on top of the fact that we see all the time, they take off, these long recesses and oh, by the way not passing bills and on top of this, this was by executive order, the president did this himself. >> yeah, it was done late at night, obviously, not great politics. i'm not quite sure what the thought process is here, maybe they think it's going to somehow incentivize members of congress to move things in a certain direction, but again, i think it's a terrible idea. it shows the disconnect with the country. keep in mind, washington d.c. last year passed the silicon valley as the town now as the highest per capita income in the country.
it on more government programs. >> senator harry reid should have made sure the senate passed a budget sometime in the last three years and it would be reconciled with the house and you would have a framework, a budget resolution. the fact we're down to the 59th minute of the 11th-hour and a couple elected officials and unelected staffs behind closed doors doing a back room deal is an outrage. >> in the final moments, a key development is that vice president joe biden has been in delaware for the weekend. he came back a few hours ago and is huddled behind closed doors, two phone calls with mitch mcconnell. a year and a half ago, it looked like all hope was lost and vice president with his long time in the senate many years was able to reach out to mitch mcconnell and they pulled a deal together in the final hours. >> the 59th minute of the 11th hour. ed henry, thank you very much. >>> going over the cliff would affect nearly every american from smaller paychecks thanks to higher taxes to the sudden end of unemployment. there are some things you really need to know about. i'm joined by
years, up 56%. iron ore prices. that's a real lead on demand. and especially as the chinese government makes all these nods toward urbanization plans and the need to update and invest in infrastructure. these are the areas where you want to be. >> yeah. also ties into what clearly will be one of the bigger stories of next year. and that is central banking wars. japan is right next door, dan. >> this is a story that is getting not as much play as it should. but the dispute going on between china and japan is quite stark right now. and i see on the interweb that is a chinese think tank has come out and said conflict between japan and china is inevitable in 2013 and 2014. this is a real debate. simultaneously lost in the debate over the election of abe and his push for abe-nomics is the fact that this is a very nationalistic individual. his first term in '06 was characterized by a lot of nationalistic policies. we'll see how that plays out with respect to the ongoing debate. >> we have to take a break here. the markets are looking for some direction after fiscal cliff negotiations stall.
threats of government shutdown over things like funding of planned parenthood and even if we get through this with a deal, we may have another debt ceiling showdown. are we at the point in history where we cannot get anything done and nothing will happen until we have one party in control again? >> well, no. i think we can get things done. although, this is coming from a person who's had to re'range vacation plans for three years because congress couldn't finish their work in until the last second. so, you know, when you hear mitch mcconnell on the senate floor saying we can do this, we have to do this, there's a sign saying, okay, when things are bad they can get together. i'm not quite sure why it has to be that bad, though, before they actually do something. i mean, almost everybody in this country could look at this and see it comes and say, okay, taxes are going up on january 1st. house, why can't you do something before they go up? when you know they go up. do something you like better but do something. that's a hard question to answer and really comes down to those districts, thei
. >> reporter: along with the direct revenue coming into the local government, many of the businesses here in prince george's county also reap the benefits during game time. >> loaded up, got our subs and everything like that. plenty of beer. >> reporter: rg3's jersey is selling the most. >> which jersey do you want? >> rg3. >> reporter: it's hard to keep up with demand. >> rg3 jerseys. we have some women seizes left and kids. >> reporter: winter hats sold out. >> you have this coveted hat. they're sold out here. >> i had it since the first day it came out. i got first. nobody else don't have it. i got it first. >> reporter: in the county, officials include an anticipated amount of revenue for the regular season their budget forecast. any additional from post games? >> that's a bonus. >> reporter: chris and heather are staying at the nearby radisson. >> if they get to the playoffs you'll come back? >> absolutely. if there's a home game we've signed up for the lottery or whatever. >> got our tickets ready. paid for. >> reporter: in prince george's county, lauren demarco, fox 5 news. >> prin
we have so-called continuing resolutions which allow government to keep on operating. >> this will go on and on and on. he is right. and we have one deadline after another. this big fight -- congress for ten or 15 years has set us into this frenzy of deadline after deadline after deadline. 11th hour. >> it's not good. if your taxes might go up next year, what about your fwroshry bill? the deal that could affect milk prices coming up next. you're watching "starting point." ♪ aww man. [ male announcer ] returns are easy with free pickup from the u.s. postal service. we'll even drop off boxes if you need them. visit usps.com pay, print, and have it picked up for free. any time of year. ♪ nice sweater. thank you. ♪ >>> ahead on "starting point," the latest on the fiscal cliff negotiations. we'll ask one house member if he expects to be voting on a deal today. next, utah congressman jason chaffetz. and is the kardashian clan about to get bigger? the new year's news you had to have. kim and kanye west, they respond to the pregnancy rumors. >>> breaking news, everyone. you're watching
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